Real Estate Trends – Salem, New Hampshire

Introduction:

Welcome back for our latest real estate market trend report.  For those of you that are here for the first time what we do in these reports is examine the real estate market in a city or town in Massachusetts or New Hampshire to evaluate the current conditions.  We do this by looking at the changes in three key metrics year over year for the municipality to see how the market has changed and then evaluate what those observations might mean for that market moving forward

Today we are highlighting Salem, NH in Rockingham County

 Canobie Lake Corkscrew - Salem NH Real Estate

Market Trends in Salem, NH – May 2014 and 2015:

The Salem, NH market appears to be down some since last year.  Both the average listing and sale prices were down, though the days on market were down some year over year.  Inventory rose dramatically going from 19 sales in May of 2014 to 34 in May 2015. 

Average Listing Prices:

First we are going to look at the average listing price.  For Salem, NH the average listing price in May 2014 was $326,683.  This was down to $301,074 in May 2015.  That gives a meaningful 7.84% decrease year over year. 

Average Sale Prices:

Next we will look at the average sale prices.  The average sale price for Salem, NH in May of 2014 was $328,118 and in May 2015 that was down to $297,465.  That gives an even larger decrease of 9.34%, which again is pretty significant. 

Average Days on Market:

The final metric we look at are the average days on market, which is the measure of how long it takes for a house to sell in the current market.  For Salem, NH the average days on market in May of 2014 were 70.37 and the average days on market for May 2015 were 68.85, for a trivial 2.16% decrease. 

However, as we have seen many times before in our previous posts for AbingtonBedfordSeekonk, BelmontTopsfieldCanton,  Dracut (Condos)HamiltonWakefield, Amesbury (Condos), Dracut #2, Taunton, Reading, Stoughton, Wrentham, Stoneham, Dedham, Nashua, NH, Tewksbury, Brockton (Multifamily), Lowell (Multifamily), Acton, Foxboro, Pembroke, Chelmsford, Beverly,  Framingham (Condos), Plymouth County (Condos), Marlborough, Billerica, Waltham, Dracut (Condos) #2, Derry, NH, Framingham, Burlington, Duxbury, Acton #2 , Taunton (Condos), Tyngsborough and Milton outliers in the data can really skew these numbers.  This again this is the case for Salem, NH for May.  In this case there was a very high days on market house in the 2015 data.

In 2015 there was a house with 538 days on market; this was higher than the next 2 combined and almost 23% of the total days on market for all 34 houses.  When removed the new calculation for the remaining 33 houses gives an average days on market of 54.64.  Using this adjusted number we see that the flat days on market now becomes a much more significant, 22.35% decrease.  This changes the general thought that things are selling about as fast as last year.  In fact things have sped up and are selling a fair bit faster than in 2014. 

Salem, New Hampshire Summary:

The Salem, New Hampshire real estate market looks like it has fallen off some since last year.  The fairly large drops in listing prices and sale prices show this pretty clearly.  However, the decrease in days on market is a small consolation for sellers at this time. 

In summary if you are looking to sell a house in Salem, NH now you should expect to get less than you would have last year.  However you should also expect it to take less time to sell compared to last year if you have it priced at this new lower level.

 

Do you need to sell your Salem, New Hampshire house fast?  If you would like to sell your home fast and hassle free schedule a consultation with us today.

Please share your questions and comments below.

 

 

 

(Image credit: Canobie Lake Park Corkscrew via Wikipedia)

 

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